Weiss Ratings Reiterates Sell (D-) Rating for 8X8 (NASDAQ:EGHT)

Key Points

• 8X8 (NASDAQ:EGHT) has had its "sell (D-)" rating reaffirmed by Weiss Ratings, indicating persistent concerns about the company’s performance.
• Mizuho has cut its price target for 8X8 from $2.50 to $2.00, while Wells Fargo reduced its target from $2.00 to $1.50, signaling a bearish outlook on the company.
• In recent trading, shares of 8X8 fell by 5.2%, opening at $2.02, and the stock has a consensus rating of "Hold" with a price target of $2.51.

8X8 (NASDAQ:EGHT - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities research analysts at Weiss Ratings in a research note issued to investors on Tuesday,Weiss Ratings reports.

Other analysts also recently issued research reports about the stock. Mizuho decreased their price target on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research note on Tuesday, April 15th. Rosenblatt Securities restated a "buy" rating and set a $2.70 price objective on shares of 8X8 in a report on Tuesday, May 20th. Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. Wells Fargo & Company cut their price target on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, B. Riley restated a "buy" rating and issued a $3.00 price objective (down from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Three analysts have rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $2.51.

8X8 Trading Down 5.2%

Shares of EGHT opened at $2.02 on Tuesday. The firm has a market capitalization of $271.65 million, a price-to-earnings ratio of -9.62 and a beta of 1.83. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.20 and a quick ratio of 1.20. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52. The company has a 50-day moving average of $1.87 and a 200 day moving average of $2.12.

Insiders Place Their Bets

In other 8X8 news, major shareholder Sylebra Capital Llc sold 103,826 shares of 8X8 stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $1.79, for a total value of $185,848.54. Following the transaction, the insider owned 13,781,823 shares in the company, valued at $24,669,463.17. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 311,470 shares of company stock worth $567,950 over the last 90 days. 2.01% of the stock is owned by company insiders.

Institutional Trading of 8X8

A number of institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in shares of 8X8 by 7.0% during the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock worth $10,133,000 after acquiring an additional 249,798 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in 8X8 in the fourth quarter worth $2,126,000. Segall Bryant & Hamill LLC purchased a new position in 8X8 in the first quarter worth $2,910,000. Two Sigma Advisers LP increased its position in shares of 8X8 by 39.2% during the fourth quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company's stock worth $3,254,000 after purchasing an additional 343,400 shares in the last quarter. Finally, Two Sigma Investments LP increased its position in shares of 8X8 by 49.2% during the fourth quarter. Two Sigma Investments LP now owns 1,014,048 shares of the company's stock worth $2,708,000 after purchasing an additional 334,348 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors.

8X8 Company Profile

8x8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.

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